MALAYAN Insurance Co., Inc. (Malayan) once again affirms its position as one of the country’s most stable insurers, with AM Best reaffirming its Financial Strength Rating (FSR) of B++ (Good) for the 21st consecutive year. The company also holds a Philippines National Scale Rating (NSR) of aa+.PH (Superior). These consistent ratings underscore Malayan’s enduring financial resilience and trusted market standing.
These ratings demonstrated Malayan’s robust financial standing, reflected in a strong balance sheet and enterprise risk management. The company’s risk-adjusted capitalization is expected to remain at the strongest level over the medium term, showcasing a solid capital base to support its operations.
While the outlooks have been revised to negative from stable, this adjustment reflects recent factors that are affecting the industry, resulting in underwriting performance volatility. Despite this, Malayan has maintained a track record of positive overall earnings, with investment income serving as a principal contributor to its profitability, ensuring consistent financial performance despite these external pressures.
Paolo Y. Abaya, Malayan’s CEO, comments, “The recent pressures on underwriting performance are a reflection of the current industry landscape, especially with the increased natural catastrophes affecting the entire sector. However, Malayan remains fully committed to navigating these conditions with resilience and strategic agility.“
The company is actively addressing these challenges with ongoing portfolio remediation measures, which AM Best anticipates will lead to improved underwriting profitability prospectively.
Malayan continues to solidify its position as one of the largest non-life insurance companies in the Philippines. Looking ahead, Malayan is strongly committed to digital transformation, recognizing it as a pivotal component of its long-term strategy for growth in the dynamic insurance landscape.
